The chief executive of Coinbase is reportedly saying that the crypto exchange platform is staying put in the US, adding that there is no “break-the-glass” emergency plan.
According to a new report by The Financial Times, Coinbase CEO Brian Armstrong says that the crypto firm leaving the US is “not in the realm of possibility” despite the regulatory crackdown on the crypto industry.
The report finds that Armstrong was asked by the U.S. Securities and Exchange Commission (SEC) to delist every digital asset on its marketplace except for Bitcoin (BTC) – which is the only cryptocurrency the regulatory body hasn’t deemed as security – before it filed a lawsuit against the exchange.
According to Armstrong, such a move would have crippled Coinbase and the broader digital asset industry and the request only proves that the SEC was looking to broaden its power.
Adding to Coinbase’s troubles are state regulators, many of which have issued cease and desist orders against the crypto exchange over its staking service.
Earlier this summer, a coalition of states, including Alabama, California, New Jersey, South Carolina, and Wisconsin, ordered Coinbase to prove that it wasn’t selling unregistered securities, according to the report.
However, Armstrong told The Financial Times that he plans to fight the order and eventually expand Coinbase’s staking services to all 50 states.
When asked about the possibility of Coinbase moving overseas, Armstrong said that it won’t happen despite flirting with the idea earlier in the year. He says the worst-case scenario would be having to delist the crypto assets deemed as securities by the SEC in its lawsuit.
As stated by Armstrong to The Financial Times,
“It’s not even in the realm of possibility right now. There is no break glass plan. We’re staying in the United States.”
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